Fort Worth, Texas-based homebuilder D.R. Horton (DHI) acquired the homebuilding operations of Breland Homes, which operates in Alabama and along the gulf coast of Mississippi.
The homebuilding operating assets include about 320 homes in inventory and 1,020 finished lots. D.R. Horton will control an additional 3,700 lots through option contracts.
Breland closed 684 homes ($130 million in revenue) in 2011, and was ranked as the 38th largest builder in the nation by Builder Magazine. Breland’s average home size is about 2,200 square feet with an average sales price of $200,000.
“Our operations will solidify D.R. Horton’s position as the largest builder in Mobile and Baldwin County and establish leading market share for D.R. Horton in Huntsville and coastal Mississippi, as well,” Louis Breland, founder of Breland Homes, said.
Breland Homes also constructs various commercial, office and retail properties.
D.R. Horton posted a third-quarter profit of $787.8 million for the period ending June 30, up from $28.7 million a year earlier. The dramatic rise is a result of a non-cash tax benefit of $716.7 million from a reduction of the company’s valuation allowance for its deferred tax asset.
The homebuilder is the largest in the nation based on its 18,302 homes closed in the twelve-month period ended June 30. It holds operations in 75 markets in 26 states.